Question 1

What are the types of internal audits?

Accepted Answer

Internal audits can include operational audits, compliance audits, financial audits, forensic audits, IT audits, and environmental audits.

Question 2

What are the key standards in internal audits?

Accepted Answer

The key standards include independence, objectivity, proficiency, quality assurance, and communication.

Question 3

What is the risk-based approach in internal audits?

Accepted Answer

The risk-based approach prioritizes auditing high-risk areas within an organization to focus resources where they are needed most.

Question 4

What are the 5 C's of internal audit?

Accepted Answer

The 5 C's are Control, Compliance, Cost, Consistency, and Communication, which are critical for a successful audit process.

Question 5

How does an internal audit help in risk management?

Accepted Answer

Internal audits help identify and mitigate risks by ensuring that internal controls are effective and that the company complies with laws and regulations.

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